Our potential homebuyers always want to know what does their credit score need to be in order to qualify to buy a new McHenry County home. Thanks to this video from real estate expert Ilyce Glink and Think Glink, we have some answers for new home buyers. Credit scores, on the scale assigned by FICO, range from 300 to 850. But, who actually has an 850 credit score and what can you do to get one? Well, less than 1 percent of the population has a credit score above 800, so it’s very unlikely you will have an 850 credit score. However, if your credit score is above 720, you will probably still receive the best rates.
By the way, if you are wondering what FICO stands for, here is the answer to that.
The acronym FICO stands for Fair Isaac & Company. This is the company that created this mathematical calculation during the late 1950’s. It is the credit model used to determine your credit score.